Add a Fixed Asset
Record equipment, vehicles, or buildings for depreciation.
Use the Equipment & Property tool to add fixed assets like equipment, vehicles, or buildings. You'll need to enter details such as the asset's name, category, cost, purchase date, useful life, and depreciation method. For Nigerian users, specify the tax class according to NTA 2025 guidelines. Monthly depreciation entries will be automatically posted from the purchase date.
Step-by-step
- 1Open Equipment & Property
Go to More Tools in the sidebar and select Equipment & Property.
Open Equipment & Property - 2Click Purchase Asset
Click Purchase Asset to start the asset entry process.
Click Purchase Asset - 3Enter the asset details
In the Purchase Fixed Asset dialog, describe the asset (AI suggests a category and depreciation GL), then set the vendor, category, purchase date, cost and salvage value.
Enter the asset details - 4Useful life follows your policy
The useful life is locked by your company's depreciation policy for the chosen category (e.g. 36 months for Computer Equipment). Click Edit policy to change it.
Useful life follows your policy - 5Continue to Bill
Click Continue to Bill. Your asset details pre-fill a bill: complete the vendor info and save. The journal posts DR Fixed Asset, CR Accounts Payable, and the bill appears in Pay Bills for payment.
Continue to Bill - 6Depreciation runs automatically
Once the bill is saved, monthly depreciation posts automatically. Track it on the Depreciation tab of Equipment & Property.
Depreciation runs automatically